Save A Little, Lose A LOT
Thanks to 2020, many businesses are trying to save money (myself included). After spending nearly 20 years in hospitality, we use a term called “trim the fat,” meaning get rid of anything that is in excess. One area that has consistently been cut in every company I’ve ever worked for has been employee engagement. For some reason, employees aren’t seen as being as important as the customer.
Employees are everything. While we want to save a dollar and keep customers happy, we can’t do so at the expense of our employees. The risk is too great. We end up sacrificing the quality of service, innovation, and most importantly, the bottom line. And let’s face it, saving a dollar to lose two is not an effective way to do business.
If revenue is down, considering cutting down, but avoid eliminating altogether if you can. Create an action plan to help you stay on top of your costs so you don’t lose your biggest asset: your employee!